Chordoma Disease Therapeutics MarketSize and Trends

The global chordoma disease therapeutics market is estimated to be valued at US$ 6,029.3 million in 2023 and is expected to exhibit a CAGR of 6.9% during the forecast period (2023-2030).

Increasing prevalence of and awareness about chordoma disease, rising geratic population, and new drugs releases and strategic efforts by prominent market competitors are favorably impacting the market's growth. The high prevalence of cancer, favorable health reimbursement, and increased awareness regarding cancer among people and clinicians is a major factor in the chordoma disease therapeutics market, thereby contributing to the market growth.

Figure 1. Global Chordoma Disease Therapeutics Market Share (%), By Drug Class, 2023

Increasing prevalence of chordoma cancer is expected to propel growth of the global chordoma disease therapeutics market over the forecast period. For instance, according to an article published in the World Health Organization, in February 2022, the age-standardized point prevalence and annual incidence rates of Cancer were 246.6 and 14.9 in 2021, which increased by 7.4% and 8.2% from 1990, respectively. Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. As per the national orgniasation of rare disorders reported, the incidence of chordoma is estimated approximately 1 per 1,000,000 people. About 300 cases of chordoma are diagnosed in the U.S. each year.

Increasing drug approvals from regulatory authorities for the treatment of chordoma is expected to drive growth of the chordoma disease therapeutics market over the forecast period. For instance, in December 2022, MaxiVAX, a biotechnology company, developed a cancer vaccine comprising an immune boost agent released in situ by an engineered cell line and cancer autologous cells providing antigens. A Phase I trial with 25 patients with an advanced stage of cancer showed encouraging efficacy data and safety profile of the treatment. The European union -funded MaxONCO project Phase II clinical trial evaluate this vaccine in 45 patients with head and neck cancer and in chordoma patients. The chordoma trial has been conducted in the EU and USA as an Investigational New Drug Programme that allows fast-track marketing of the drug in case of successful trial results.

Figure 2. Global Chordoma Disease Therapeutics Market Value (US$ Million), by Region, 2023

Global Chordoma Disease Therapeutics Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global chordoma disease therapeutics market over the forecast period. North America is estimated to hold 34.1% of the market share in 2023. The global chordoma disease therapeutics market is expected to witness significant growth in the coming years, driven by the high prevalence of cancer, favorable health reimbursement, and increased awareness, North America to emerge as the leading region for the chordoma disease therapeutics market.